Who Will Win De-Globalisation?

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 7 January 2021

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

At BoF VOICES, Axios journalist Felix Salmon, economist Dr Dambisa Moyo and Sinovation Ventures chief executive Kai-Fu Lee discussed how fashion can navigate challenging economic times.

The current global outlook of mounting debt levels, contracting global trade and rising nationalism bear more than a passing resemblance to conditions in 1929, at the onset of the Great Depression. But that alarming trajectory is not set in stone, panelists at BoF VOICES, BoF’s annual gathering for big thinkers, said. Dr Dambisa Moyo, an economist and author who drew the comparison, said she was “optimistic in many respects,” and sees technological innovation as one way out of the global economy’s current troubles. That’s not to downplay the challenges. Journalist Felix Salmon described an economic “balkanisation” that was making it more difficult for cross-border business, while noting that China’s rapid rebound from Covid-19 could power global markets.

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Transcript

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0:00.0	You have China on the one hand is growing above capacity, it's doing incredibly well and really
0:09.2	sort of showing the way for the rest of the world about how to move forwards in manufacturing,
0:14.1	in healthcare, in AI, you name it in social media.
0:17.9	And then the rest of the world is just imploding, right? This pandemic has hit us
0:23.4	unbelievably hard. The debt, the issues around climate change, income inequality, massive demographic
0:29.8	shift, etc. are things that we have not yet got our arms around. And in a world where public
0:35.6	policy has got a lot of debt, it's going to be much harder to address.
0:39.2	You are used to the traditional way, classical way, of design, product development, manufacturing,
0:45.8	supply chain, retail, online and offline, marketing, sales, fulfillment, being separate things
0:51.9	that are aggregated. What we're seeing in China is all of these are being coalesced into one close loop.
1:02.1	Hi, this is Imran Ahmed founder and CEO of the Business of Fashion and welcome to the BOWF podcast.
1:08.4	It's no secret that the global economy has been thrown into a tailspin
1:12.7	following the onset of COVID-19. But if you dig a little deeper, there are different narratives
1:18.5	in different parts of the world. And that's exactly what we saw to explore in this next conversation
1:23.7	from Voices 2020 on the global economy. We were joined by Dr. Dambiza Moyo, an expert in macroeconomics and geopolitics, who is based in London, by Kai Fu Lee, the chairman and chief executive of Innovation Ventures, based in Beijing, China. And the conversation was moderated by Felix Salmon, the award-winning chief financial correspondent of Axios and hosts of the weekly Slate Money podcast.
1:48.2	So here's a conversation on who's winning in an era of de-globalization from Voices 2020.
2:00.7	Thank you all for joining us today at Voices 2020. Over to you, Felix.
2:07.9	Thanks, Imran. This is exciting and incredibly international. I don't think I've ever done an event,
2:14.7	which has spanned so many time zones, which is apropos, I suppose, because the
2:21.2	main thing that you and I and everyone wants to talk about right now is this idea of how the
2:28.2	world has split apart and has fractured into two, possibly even more than two main groups.
2:37.4	You have China, on the one hand, is growing, basically above capacity.
	...

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